Economic Theory and Economic Policy

I. G. Patel
Additional contact information
I. G. Patel: London School of Economics and Political Science

Chapter 6 in Essays in Economic Policy and Economic Growth, 1986, pp 101-116 from Palgrave Macmillan

Abstract: Abstract Economists are a somewhat crestfallen lot today. Scepticism about their ability to say something meaningful on matters of great public concern has been expressed at the highest level in our own country and, indeed, in many other countries. There is a widespread, if not as yet fully acknowledged, feeling among men of affairs everywhere that economic theories, whether Keynesian, monetarist or anything else, have let them down. While there is demand for a new international economic order or a new international system of money and finance, there seems to be no Keynes on the horizon who could provide a generally convincing case for any particular set of reforms. The present trade-off between inflation and unemployment is simply unacceptable; but he would be a bold person who can assert that he has a better theory to provide a better answer. A great deal of theoretical work in economics is done in the universities and other research establishments. But there is a feeling, even among men with proven academic credentials, that much of it is as sterile in practice as it is elegant intellectually.

Keywords: Economic Policy; Monetary Policy; Budget Deficit; Grand Unify Theory; Allocative Efficiency (search for similar items in EconPapers)
Date: 1986
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-18358-6_7

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349183586

DOI: 10.1007/978-1-349-18358-6_7

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().